A camera module for a vision system of a vehicle includes a housing, a circuit element and a lens. The housing has a base portion and a lens portion. The circuit element includes CMOS imaging sensor and associated circuitry. The CMOS imaging sensor has a dynamic range of greater than approximately 100 dB. The dynamic range of the imaging sensor may follow, at least in part, a non-linear response curve. The base portion and the lens portion are welded or sealed together to substantially limit water intrusion into the camera module and the camera module may include shielding to limit or reduce electronic noise. The camera module is configured for mounting at a rear portion of the vehicle so that the imaging sensor has a rearward field of view.